Country Club Plaza Sells For $660 Million
Kansas City’s Country Club Plaza will soon have a new owner.
Country Club KC Partners LLC is buying the Plaza for $660 million, Highwoods Properties announced Monday. The deal is expected to be finalized in the first quarter.
Country Club KC Partners is an equal partnership between Taubman Centers and the Macerich Company, which are based in Michigan and California, respectively. Both companies own and manage dozens of malls and shopping centers.
The Plaza includes 18 properties and 804,000 square feet of retail space. In 2015, the Plaza generated $31 million in cash and operating net income.
Highwoods, which has owned the Plaza since 1998, has said it is selling it to help finance the purchase of office towers in Georgia and Florida.
Maria Carter is news director at KCUR 89.3. You can reach her at firstname.lastname@example.org